Sidharth Sogani, CEO of crypto and blockchain research company Crebaco Global Inc, believes the country will lose access to a $12.9B market if cryptocurrencies are eventually banned in the country, AMBCrypto reports.
According to AMBCrypto's calculations, local companies in the sector would lose around 13 billion dollars in revenue if cryptos are officially banned in the country. However, these will not be the only affected firms, since there are some companies founded by Indian citizens who were forced to move their operations to other countries after the Reserve Bank of India banned banks from offering their services to crypto-related companies.
This figure has been calculated taking into account the following data:
- Crypto and blockchain companies founded by Indians that have moved their operations abroad: $4.9B.
- Blockchain coders: $2.1B.
- Content writers: $1.27B.
- Miscellaneous jobs: $4.5.
A draft bill that was leaked last month stated that the country plans to ban all cryptocurrencies except for the digital rupee.
In June we reported that Facebook's Libra may not be available in India due to the regulatory uncertainty in the country.
In January it was reported that the country had put off its plans to launch its own national cryptocurrency.
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